Monday, February 27, 2006

Back to Working at the Dealership

If there is a direct correlation between how much "comment section" spam and e-mail spam I get from mortgage brokers, and their apparent lack of business, then I would guess half the mortgage brokers in the country will be looking to get there old job back at the Buick dealership or A&P by the end of the year.

NEW YORK (Reuters) - A major transition is underway in the U.S. mortgage lending industry, with consolidations and lay-offs at the forefront as companies try to deal with waning demand for home loans.

This shift is expected to pick up steam in 2006 if the housing market, as widely expected, cools off from its record-breaking five-year run.

"There are some very important signals emerging in that we have seen some pretty good companies go on the block for sale or have been sold recently, which is a clear sign that consolidation is seriously underway," said Douglas Duncan, chief economist at the Mortgage Bankers Association, an industry trade group.



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